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How to Fill Gaps in Your Retirement Plan

7/27/2022

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Your retirement years should be a time when you can relax and enjoy yourself in ways that you might not have been able to when working full-time. However, it can be difficult to relax and enjoy yourself if you’re still worried about any financial gaps in your retirement plan. Consider implementing the following tips to fill any gaps in your retirement plan.

Continue Working Part Time

If you have the physical capacity and desire to do so, continuing to work part time can be an excellent way to bridge any gaps in your retirement plan. Many companies are happy to let you continue on part time, especially when you’ve been a valuable employee for many years. You can continue on in a similar position at a company you’re familiar with. However, retirement can also be a good time to rethink your job options. If you’re planning on continuing to work part time, you can switch things up to stay excited about your work. For example, if you’ve always had a love for home improvement projects, you could consider getting a part time job at a hardware store near you. You’ll have the chance to help people find the perfect tools for their projects and might even get a discount yourself. Get creative with the part time work you do during retirement.

Consider Possible Inheritance

Another way you can bridge the gap in your retirement funds is to consider any possible funds you may have inherited. When an individual passes away, they have the opportunity to divide up their assets between any remaining heirs. If you inherit any of these assets, you can utilize them to help bridge any financial gaps you may have. For example, Inheriting property can provide extra income if you decide to rent it. If you have a larger home that you may not use all of, consider renting out some or all of the property to add some extra income. Many retired individuals downsize to smaller, cheaper properties to save some money. However, if you do so, consider keeping your other, larger property and renting it out. Doing so can allow you to make an active income on the property you otherwise wouldn’t use.

Consider Investing

The final way that you can bridge any retirement income gaps is to consider investing in high ROI investments. Investing is a slightly more passive way to make money in retirement. Instead of working part time at a business or company, you can take your income into your own hands. Investing gives you full control over where you put your funds, and you can choose the investments that work best for you. For instance, many people choose to invest in real estate during retirement. This can be as simple as renting out a previous home, as mentioned above. However, you can go more in-depth and purchase investment properties to make you more money.

During retirement, you want to make sure you have enough money to remain comfortable for the rest of your life. It’s difficult to plan ahead for any gaps that may come up in your retirement income. However, these options can allow you to bridge those gaps and stay financially comfortable during retirement.

Check out this article on important topics to discuss with your children as you retire!

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How to Live a Longer Life in Retirement

7/20/2022

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Most people spend their working lives dreaming about retirement years, and that means you want your retirement to be as long and happy as they can be. There is a lot you can do to help extend your retirement years and make sure you are living them in a fulfilling way. By taking your health into your own hands, you can gain control over your retirement and ensure you live a long and fulfilling life.

Stay Active

If you really want to live a long life in retirement, it is important that you take the time to stay active and maintain your body. Your particular choices for activity don’t have to match up with anyone else’s, but you should be active in a way that you enjoy. For some people that might look like going to the gym or taking classes, for others it might be hiking or cycling. Whatever you choose is fine as long as it helps you to get active and gives you some enjoyment along the way. 

Stave Off Disease With a Healthy Diet

Your diet can also help you to maintain your health. You should make good choices about the foods you consume on a regular basis. A plant-based diet can prevent cardiovascular disease and diabetes. It’s totally fine to treat yourself from time to time, but you want to make sure that you have a solid foundation of a great diet to support you along the way.

Maintain Close Relationships

Having a support system and great people on your side can help you to live longer and be happier in general. It is important that you work to maintain your close relationships in your retirement years so you have the support you need and can improve your mental health. Make sure that youhave a thriving social life in your retirement years, whatever that looks like for you. Spending time with friends and family can help to extend your life and reduce your stress. Taking classes can help you to expand your friend group and have even more great relationships. And all these things will help you to be happier and live longer.

You deserve a long and fruitful retirement that makes you feel good. By taking care of yourself during your retirement years, you can make this dream a reality. And that means that you can have some of the best years of your life after you have reached retirement age.

Check out this article on how to stave off boredom in retirement!

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Illiquid Assets to Cash Out Before Retirement

7/18/2022

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The march towards retirement is not one that most people take casually. IN fact, for most of your adult life, you have probably been doing things to prepare yourself financially for the realities of retirement. This has likely led you to collecting a wide range of assets that have maintained or grown their value over time to give you greater wealth than saving could have ever done. But if these assets are illiquid, meaning they are not easy to exchange, then it can be hard to enjoy that earned value. Here are three illiquid assets that you should cash out before retirement for easier access to your hard-earned money.

Real estate

The first illiquid asset that you should cash out before retirement is your real estate. While real estate, especially investment real estate, can be a great source of rental income during your retirement, it can also be a pain having so much value stored in a property without access to it all when you're retired. If you want to enjoy the return-on-investment from owning your property, you should seriously consider selling it before your retirement. This way you can enjoy the full lump sum rather than monthly payments.

A Business

Another illiquid asset type that you should cash out of before your retirement is any businesses you may. While owning and running a business is one of the most common and popular ways available to the average person to grow their wealth, they can be difficult to operate and maintain in retirement. Retirement is a great reason to cash out and sell your business. Selling your business can take a few months, so make sure that you have the time to put into the sale before going down this road. Selling your business can net you as much as ten times your expected annual profit.

Art

The final illiquid assets that you should cash out before your retirement are art pieces and sculptures. While not all art and sculptures are valuable, if you have invested in fine art and sculpture as a method of wealth growth, then it can be a good idea to sell them off before your retirement. Owning priceless artwork can be wonderful, but you can also get a great return on investment from selling your famous art if you own any.

Having assets of any type is great, but during retirement you especially want liquid assets. For many retirees the best plan is to liquify their illiquid assets before retiring. If you own these three asset types, you should consider cashing out before retiring too.

Check out this article on when you need a lawyer to deal with financial matters!

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    Author

    My name is Dan Hopwood and I first started my career in the insurance business back in 1988.  2023 will be the start of my 35th year in the business. 

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